Matrix has big plans for the site. According to Matrix VP James Murray, the company plans to redevelop its latest acquisition as a state-of-the-art, 440,000-sf industrial facility. When it's completed, the new facility will feature modern dock door facilities, ESFR sprinkler systems, all new infrastructure and utilities, a built-out office area, rail access and more than an acre of trailer parking.
"This transaction further demonstrates the strength of New Jersey's industrial market, as well as our confidence in the excellent growth prospects in the region," says Murray of the latest acquisition, which is situated a half-mile from the 8A interchange. "There continues to be very strong demand for quality industrial facilities in New Jersey, and the new facility will enable us to meet market demand."
The latest buy follows just days after the company's acquisition of One Squibb Dr., a 224,000-sf warehouse/distribution and office building just down the road in Cranbury (see earlier story). The seller in that case was pharma giant Bristol-Myers Squibb in a transaction placed by industry sources in the $10 to 12 million range.
Altogether, Matrix has closed on more than two million sf of recent industrial transactions in New Jersey. Besides the Stults Road and Bristol-Myers Squibb deals, the company did a 600,000-sf land sale to DaimlerChrysler at Matrix Business Park in Washington Township; a 500,000-sf build-to-suit with McMaster Carr, also at Matrix Business Park; and a 435,945-sf build-to-suit warehouse/distribution deal with W.W. Grainger at Northeast Business Park in Washington Township.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.